Chicago Pacific Founders Buys 192 KSF Medical Asset

Chicago Pacific Founders Healthcare Real Estate has acquired Maryland Trade Center III, a 192,000-square-foot medical office building in Greenbelt, Md., a Washington, D.C., submarket. The buyer paid $27.5 million for the asset, also using acquisition financing from Capital One.

Top Care Management previously owned the 12-story property, according to Yardi Research Data. The company purchased it in 2019 from Rubenstein Partners for $16.8 million.

The facility was 74 percent leased at the time of sale, with a weighted average lease term of six years. Luminis Health anchors the building under a recently signed ten-year commitment.

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Located at 7501 Greenway Center Drive, Maryland Trade Center III is part of a three-building office campus, some 13 miles from downtown Washington, D.C., and 17 miles from Ronald Reagan Washington National Airport. Other medical providers in the area include Greenbelt Pediatrics and Capitol Cardiology Associates, as well as Luminis Health Doctors Community Medical Center.

Built in 1989 and completely renovated in 2012, the mid-rise has floorplates averaging 16,384 square feet, as well as 1,000 square feet of first-floor retail space. Amenities include a fitness center, café and daycare facility, together with a two-story modernized lobby. The property also has five passenger elevators and more than 580 parking spaces.

Over the past eight months, CPF HCRE has acquired four medical outpatient facilities for more than $80 million. These assets are in New York, Florida, Michigan and Maryland.

MOB sales activity in D.C. rises year-over-year

In the first quarter of this year, the medical office investment volume reached $1.6 billion, marking a steep 42 percent decline from the previous quarter, according to a CBRE national report. Meanwhile, Washington, D.C., saw a significant surge in sales, totaling nearly $100 million, far surpassing the $7.3 million recorded during the same timeframe in 2024.

One of the medical outpatient assets that traded so far this year in the metro is Arlington Medical Center, a 152,788-square-foot facility in Arlington, Va. Remedy acquired it for $47 million from Brookfield Properties, according to Yardi Research Data.